Thursday, March 24, 2011

The telecom industry in Greece has hit a dead end. After years of losing money, the crisis has hit Greece and things are even worse than before.Telecoms are trying to produce business oriented services since the residential market is dead, but even there they are facing huge problems.The majority of the businesses are doing poorly and the rest of them are simply too afraid to invest.

Still telecoms are trying to provide new services and new solutions to a market that is in a sand box.

In these difficult times people/businesses can really innovate, but they need a plan.

The approach should come from the bottom-up.

Since upper management has tried and failed, now is the time corporations should start tapping into their talent and listening to their employees or their customers for new ideas that could probably help the company overcome this crisis.

Companies nowadays are obliged to create an Open-Innovation environment – culture. They would be amazed at what (ideas) people can come up with.

Telecoms are continually trying to provide services to a market that has no growth instead they should aim to provide services globally. They can facilitate the software, the people & the termination services by providing online services not only for wholesale but also for the retail market. With this approach they can be competitive in new markets.

The bottom line is that businesses should create an Open-Innovation culture.Organizations should cooperate and start an internal growth that could give to the company a competitive advantage in the market. We cannot expect a small management group to innovate and lead successfully the whole time.

All employees should have the opportunity to contribute to a company’s growth afterall, “harnessing bright and passionate minds from every discipline and every walk of life can indeed change the world in the most profound ways” (Dwayne Spradlin CEO of InnoCentive).